Technology
Blackbaud Announces 2026 Third Quarter Financial Results
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5 days agoon
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Blackbaud Expands AI Leadership Through Numerous Innovation Announcements at bbcon User Conference
CHARLESTON, S.C., Oct. 28, 2026 /PRNewswire/ — Blackbaud (NASDAQ: BLKB), the world’s leading provider of AI-powered solutions for social impact, today announced financial results for its third quarter ended September 30, 2026.
“Innovation continues to drive our clear market leadership and a widening competitive moat,” said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. “As demonstrated at our recent bbcon conference in September, we continue to make significant investments in AI, empowering our customers to deepen constituent relationships, raise more money and operate more efficiently. For investors, we believe Blackbaud is a sound investment choice that has the potential to create shareholder value—a belief that is supported by our strong 2026 year-to-date financial results and accelerating pace of innovation. I continue to be excited about the company’s momentum in the near, mid and long term.”
Third Quarter 2026 Results Compared to Third Quarter 2025 Results:
GAAP total revenue was $292.6 million, up 4.1% and non-GAAP organic revenue increased 4.1%.GAAP recurring revenue was $287.0 million, up 4.1% and represented 98.1% of total revenue. Non-GAAP organic recurring revenue increased 4.1%.GAAP income from operations was $60.0 million, with GAAP operating margin of 20.5%, an increase of 110 basis points.Non-GAAP income from operations was $94.6 million, with non-GAAP operating margin of 32.3%, an increase of 240 basis points.GAAP net income was $46.1 million, with GAAP diluted earnings per share of $1.02, up $0.04 per share.Non-GAAP net income was $61.2 million, with non-GAAP diluted earnings per share of $1.36, up $0.26 per share.Non-GAAP adjusted EBITDA was $111.1 million, up $11.4 million, with non-GAAP adjusted EBITDA margin of 38.0%, an increase of 260 basis points.Rule of 40 score was 42.1%.GAAP net cash provided by operating activities was $141.7 million, an increase of $2.5 million, with GAAP operating cash flow margin of 48.4%, a decrease of 110 basis points.Non-GAAP free cash flow was $126.0 million, an increase of $2.8 million, with non-GAAP free cash flow margin of 43.1%, a decrease of 70 basis points.
“Blackbaud continues to be well-positioned for long-term success,” said Chad Anderson, executive vice president and CFO, Blackbaud. “Our strong results reflect our execution discipline, ongoing productivity improvements, and balance sheet optimization. We remain committed to providing investors an attractive financial model balanced across growth in revenues, earnings, and cash flows, along with a prudent and purposeful capital allocation strategy. Year-to-date we have repurchased more than 7% of our common stock outstanding since the end of 2025 while also reducing our leverage ratio from 2.7x in Q1 to 2.3x in Q3. We have a lot to be proud of and a lot more to look forward to in Q4 2026 and beyond.”
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of the company’s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Recent Company Highlights
At bbcon 2026:Blackbaud introduced Platform for Good™, its unified operating system for social impact, bringing the company’s products, data, AI, workflows and ecosystem together on a shared architecture to help organizations identify opportunities, expand capacity and move from information to action with greater confidence. Blackbaud also announced a broad portfolio of innovations across fundraising, marketing, financial management and education designed to strengthen the connected value of the platform.Blackbaud also unveiled Lantern™, the first domain-specific language model purpose-built to optimize fundraising intelligence. Developed through a strategic collaboration with Databricks, Lantern is built on Blackbaud’s four decades of experience in fundraising workflows, decisions, and results, so it understands the rhythms of fundraising and can illuminate opportunities that might otherwise go unseen. Starting in 2027, Lantern will be embedded within the Platform for Good and will begin powering select Blackbaud Raiser’s Edge NXT® and Agents for Good™ capabilities.In addition, Blackbaud shared updates on its expanding family of Agents for Good, including advancements to the Development Agent and the introduction of the Data Health Agent, a continuous data steward designed to detect and address data issues through review-and-approve workflows. Blackbaud also previewed agentic experiences for finance and education.BILL and Blackbaud announced a strategic partnership to simplify the accounts payable process for nonprofit and education finance teams, embedding BILL’s business payments network and payment-processing capabilities into Blackbaud Financial Edge NXT® Payment Assistant™. The connected experience is designed to support finance teams from invoice and approval through payment and reconciliation, reducing manual work within the financial management workflow.Blackbaud expanded the availability of Expedited Giving and Expedited Giving+ within its YourCause® from Blackbaud® solutions, accelerating how corporate and employee donations reach nonprofits. Expedited Giving delivers donations 90% faster than the industry average, while Expedited Giving+ is the industry’s fastest option, enabling direct-to-nonprofit donations in near real time leveraging Blackbaud Integrated Payments.Blackbaud announced new integrations with Microsoft 365 Copilot and Intuit Mailchimp, connecting Raiser’s Edge NXT to preferred technologies and giving users more ways to work, with best-in-class experiences.
Visit www.blackbaud.com/newsroom for more information about Blackbaud’s recent highlights.
Financial Outlook
Blackbaud today reaffirmed its 2026 full year financial guidance and expects to finish in the upper half of the range across all four key metrics:
GAAP revenue of $1.173 billion to $1.179 billionNon-GAAP adjusted EBITDA of $430 million to $438 millionNon-GAAP diluted earnings per share of $5.15 to $5.25Non-GAAP free cash flow of $280 million to $290 million
Included in its 2026 full year financial guidance are the following updated assumptions:
Non-GAAP annualized effective tax rate is expected to be approximately 24.5%Interest expense for the year is expected to be approximately $62 million to $66 millionDiluted weighted average shares outstanding for the year are expected to be approximately 45.0 million to 46.0 millionCapital expenditures for the year are expected to be approximately $60 million to $70 million, including approximately $52 million to $62 million of capitalized software development costs
Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
Stock Repurchase Program
As of September 30, 2026, Blackbaud had approximately $832 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in December 2025. Based on our current plans, and stock repurchases to date, we expect total repurchases during 2026 to represent between 7% and 10% of our outstanding common stock as of December 31, 2025.
Conference Call Details
What:
Blackbaud’s 2026 Third Quarter Conference Call
When:
October 28, 2026
Time:
8:00 a.m. (Eastern Time)
Live Call:
1-877-407-3088 (US/Canada)
Webcast:
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world’s leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility and individual change makers, Blackbaud propels impact at scale with the sector’s most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. With the deepest expertise powered by the world’s largest philanthropic data set, the most connected workflows, and the most powerful impact network, Blackbaud’s solutions are building a future where resources are unleashed at the speed of need. Blackbaud has been recognized by Fast Company, Newsweek, Quartz, Forbes and more for AI innovation, responsible leadership and workplace excellence. Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com, or follow us on X/Twitter, LinkedIn, Instagram, and Facebook.
Investor Contact
IR@blackbaud.com
Media Contact
media@blackbaud.com
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; risks related to the development, deployment, regulation, security, market adoption and perception of artificial intelligence technologies; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud’s investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud’s industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.
The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. Blackbaud believes non-GAAP free cash flow provides a useful measure of the company’s operating performance. Non-GAAP free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies, if any, acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses, if any. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business’ organic revenue growth and revenue run-rate.
Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation expense; global workforce transition costs; acquisition and disposition-related costs; and Security Incident-related costs.
Blackbaud, Inc.
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except per share amounts)
September 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 35,734
$ 38,914
Restricted cash
428,166
720,061
Accounts receivable, net of allowance of $6,529 and $5,876 at September 30, 2026 and
December 31, 2025, respectively
76,214
80,517
Customer funds receivable
3,918
1,308
Prepaid expenses and other current assets
86,064
89,290
Total current assets
630,096
930,090
Property and equipment, net
83,827
85,076
Software development costs, net
159,048
155,842
Goodwill
1,055,937
1,056,815
Intangible assets, net
87,413
106,654
Other assets
90,516
56,205
Total assets
$ 2,106,837
$ 2,390,682
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
$ 38,404
$ 27,344
Accrued expenses and other current liabilities
51,047
43,272
Due to customers
430,703
719,833
Debt, current portion
22,654
22,660
Deferred revenue, current portion
380,989
368,986
Total current liabilities
923,797
1,182,095
Debt, net of current portion
1,022,143
1,087,037
Deferred tax liability
25,100
21,981
Deferred revenue, net of current portion
3,674
2,778
Other liabilities
12,638
11,737
Total liabilities
1,987,352
2,305,628
Commitments and contingencies
Stockholders’ equity:
Preferred stock; 20,000,000 shares authorized, none outstanding
—
—
Common stock, $0.001 par value; 180,000,000 shares authorized, 74,080,118 and
72,312,354 shares issued at September 30, 2026 and December 31, 2025, respectively;
45,102,406 and 46,705,325 shares outstanding at September 30, 2026 and December 31,
2025, respectively
74
72
Additional paid-in capital
1,459,322
1,391,641
Treasury stock, at cost; 28,977,712 and 25,607,029 shares at September 30, 2026 and
December 31, 2025, respectively
(1,471,199)
(1,316,224)
Accumulated other comprehensive income (loss)
3,210
(5,948)
Retained earnings
128,078
15,513
Total stockholders’ equity
119,485
85,054
Total liabilities and stockholders’ equity
$ 2,106,837
$ 2,390,682
Blackbaud, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
(dollars in thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
Revenue
$ 292,641
$ 281,143
$ 864,378
$ 833,109
Cost of revenue
114,850
113,653
341,865
342,101
Gross profit
177,791
167,490
522,513
491,008
Operating expenses
Sales, marketing and customer success
46,218
44,105
139,823
132,795
Research and development
36,206
37,198
107,978
104,352
General and administrative
34,828
31,044
99,538
120,579
Amortization of intangible assets
588
570
1,762
1,670
Total operating expenses
117,840
112,917
349,101
359,396
Income from operations
59,951
54,573
173,412
131,612
Interest expense
(16,109)
(16,774)
(49,724)
(52,130)
Other income, net
2,597
3,245
6,977
6,468
Income before provision (benefit) for income taxes
46,439
41,044
130,665
85,950
Income tax provision (benefit)
371
(6,448)
18,100
7,669
Net income
$ 46,068
$ 47,492
$ 112,565
$ 78,281
Earnings per share
Basic
$ 1.04
$ 1.00
$ 2.51
$ 1.63
Diluted
$ 1.02
$ 0.98
$ 2.49
$ 1.61
Common shares and equivalents outstanding
Basic weighted average shares
44,267,816
47,680,002
44,858,491
47,961,631
Diluted weighted average shares
44,961,588
48,498,285
45,245,216
48,634,027
Other comprehensive income (loss)
Foreign currency translation adjustment
$ (106)
$ (2,284)
$ (1,703)
$ 8,299
Unrealized gain (loss) on derivative instruments, net of tax
4,241
(622)
10,861
(12,628)
Total other comprehensive income (loss)
4,135
(2,906)
9,158
(4,329)
Comprehensive income
$ 50,203
$ 44,586
$ 121,723
$ 73,952
Blackbaud, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended
September 30,
(dollars in thousands)
2026
2025
Cash flows from operating activities
Net income
$ 112,565
$ 78,281
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
62,595
64,652
Net provision for credit losses and sales returns
5,064
3,788
Stock-based compensation expense
67,682
71,079
Deferred taxes
4,892
(16,682)
Amortization of deferred financing costs and discount
1,861
1,940
Other non-cash adjustments
1,313
(5,180)
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable
(817)
(2,422)
Prepaid expenses and other assets
(8,832)
(9,707)
Trade accounts payable
11,750
(3,233)
Accrued expenses and other liabilities
13,242
2,033
Deferred revenue
12,929
22,991
Net cash provided by operating activities
284,244
207,540
Cash flows from investing activities
Purchase of property and equipment
(7,320)
(4,805)
Capitalized software development costs
(38,635)
(40,268)
Cash used in disposition of business
—
(12,235)
Other investing activities
(8,675)
—
Net cash used in investing activities
(54,630)
(57,308)
Cash flows from financing activities
Proceeds from issuance of debt
230,700
307,000
Payments on debt
(307,760)
(316,922)
Employee taxes paid for withheld shares upon equity award settlement
(25,696)
(39,669)
Change in due to customers
(288,369)
(323,467)
Change in customer funds receivable
(2,692)
(1,676)
Purchase of treasury stock, including excise tax payments
(129,933)
(133,338)
Net cash used in financing activities
(523,750)
(508,072)
Effect of exchange rate on cash, cash equivalents and restricted cash
(939)
5,768
Net decrease in cash, cash equivalents and restricted cash
(295,075)
(352,072)
Cash, cash equivalents and restricted cash, beginning of period
758,975
809,512
Cash, cash equivalents and restricted cash, end of period
$ 463,900
$ 457,440
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated
balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:
(dollars in thousands)
September 30,
2026
December 31,
2025
Cash and cash equivalents
$ 35,734
$ 38,914
Restricted cash
428,166
720,061
Total cash, cash equivalents and restricted cash in the statement of cash flows
$ 463,900
$ 758,975
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
GAAP Revenue
$ 292,641
$ 281,143
$ 864,378
$ 833,109
GAAP gross profit
$ 177,791
$ 167,490
$ 522,513
$ 491,008
GAAP gross margin
60.8 %
59.6 %
60.4 %
58.9 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
2,693
2,850
8,494
8,798
Add: Amortization of intangibles from business combinations
5,405
6,811
17,076
20,883
Add: Employee severance
—
(18)
—
284
Add: Global workforce transition costs(1)
1,014
—
1,556
—
Subtotal
9,112
9,643
27,126
29,965
Non-GAAP gross profit
$ 186,903
$ 177,133
$ 549,639
$ 520,973
Non-GAAP gross margin
63.9 %
63.0 %
63.6 %
62.5 %
GAAP income from operations
$ 59,951
$ 54,573
$ 173,412
$ 131,612
GAAP operating margin
20.5 %
19.4 %
20.1 %
15.8 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
22,100
21,657
68,686
71,079
Add: Amortization of intangibles from business combinations
5,993
7,381
18,838
22,553
Add: Employee severance
—
(242)
—
1,905
Add: Global workforce transition costs(1)
5,439
—
8,439
—
Add: Acquisition and disposition-related costs(2)
237
383
1,250
25,779
Add: Security Incident-related costs
853
247
853
2,822
Add: Impairment of capitalized software development costs
—
—
1,056
—
Subtotal
34,622
29,426
99,122
124,138
Non-GAAP income from operations
$ 94,573
$ 83,999
$ 272,534
$ 255,750
Non-GAAP operating margin
32.3 %
29.9 %
31.5 %
30.7 %
GAAP income before provision (benefit) for income taxes
$ 46,439
$ 41,044
$ 130,665
$ 85,950
GAAP net income
$ 46,068
$ 47,492
$ 112,565
$ 78,281
Shares used in computing GAAP diluted earnings per share
44,961,588
48,498,285
45,245,216
48,634,027
GAAP diluted earnings per share
$ 1.02
$ 0.98
$ 2.49
$ 1.61
Non-GAAP adjustments:
Add: GAAP income tax provision (benefit)
371
(6,448)
18,100
7,669
Add: Total non-GAAP adjustments affecting income from operations
34,622
29,426
99,122
124,138
Non-GAAP income before provision for income taxes
81,061
70,470
229,787
210,088
Assumed non-GAAP income tax provision(3)
19,860
17,265
56,298
51,472
Non-GAAP net income
$ 61,201
$ 53,205
$ 173,489
$ 158,616
Shares used in computing non-GAAP diluted earnings per share
44,961,588
48,498,285
45,245,216
48,634,027
Non-GAAP diluted earnings per share
$ 1.36
$ 1.10
$ 3.83
$ 3.26
(1)
Global workforce transition costs represent severance and other costs incurred in connection with actions under our global workforce
strategy.
(2)
Includes charges of $24.3 million incurred during the nine months ended September 30, 2025 related to the release from our lease for office
space in Washington, DC.
(3)
We use a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. We
base this rate on our estimated annual GAAP income tax rate, adjusted for items excluded from GAAP income when calculating non-GAAP
income and for significant nonrecurring tax adjustments. We review this non-GAAP tax rate annually to determine whether it remains
appropriate for evaluating our financial performance. In conducting this review, we consider our GAAP annual effective tax rate, changes in
tax legislation, non-GAAP adjustments, and shifts in the geographic mix of revenues and expenses. We also evaluate other factors that we
deem significant. Because the tax treatment of non-GAAP adjustments differs from GAAP and because of our methodology for estimating
the annual tax rate, the non-GAAP tax rate may differ from the GAAP tax rate and from our actual tax liabilities.
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
GAAP revenue
$ 292,641
$ 281,143
$ 864,378
$ 833,109
GAAP revenue growth
4.1 %
3.8 %
Less: Non-GAAP revenue from divested businesses(1)
—
—
—
—
Non-GAAP organic revenue(2)
$ 292,641
$ 281,143
$ 864,378
$ 833,109
Non-GAAP organic revenue growth
4.1 %
3.8 %
Non-GAAP organic revenue(2)
$ 292,641
$ 281,143
$ 864,378
$ 833,109
Foreign currency impact on non-GAAP organic revenue(3)
(237)
—
(3,167)
—
Non-GAAP organic revenue on constant currency basis(3)
$ 292,404
$ 281,143
$ 861,211
$ 833,109
Non-GAAP organic revenue growth on constant currency basis
4.0 %
3.4 %
GAAP recurring revenue
$ 287,030
$ 275,802
$ 848,806
$ 815,406
GAAP recurring revenue growth
4.1 %
4.1 %
Less: Non-GAAP recurring revenue from divested businesses(1)
—
—
—
—
Non-GAAP organic recurring revenue(2)
$ 287,030
$ 275,802
$ 848,806
$ 815,406
Non-GAAP organic recurring revenue growth
4.1 %
4.1 %
Non-GAAP organic recurring revenue(2)
$ 287,030
$ 275,802
$ 848,806
$ 815,406
Foreign currency impact on non-GAAP organic recurring revenue(3)
(227)
—
(3,095)
—
Non-GAAP organic recurring revenue on constant currency basis(3)
$ 286,803
$ 275,802
$ 845,711
$ 815,406
Non-GAAP organic recurring revenue growth on constant
currency basis
4.0 %
3.7 %
(1)
Non-GAAP revenue from divested businesses excludes revenue associated with divested businesses in the prior period. The exclusion of
the prior period revenue is to present the results of the divested business with the results of the combined company for the same period of
time in both the prior and current periods.
(2)
Non-GAAP organic revenue and non-GAAP organic recurring revenue for the prior year periods presented herein may not agree to non-
GAAP organic revenue and non-GAAP organic recurring revenue presented in the respective prior period quarterly financial information
solely due to the manner in which non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth are calculated.
(3)
To determine non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, revenues
from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period’s quarterly weighted average
foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian
Dollar and Euro.
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
GAAP net income
$ 46,068
$ 47,492
$ 112,565
$ 78,281
Non-GAAP adjustments:
Add: Interest, net
13,865
14,403
43,874
46,136
Add: GAAP income tax provision (benefit)
371
(6,448)
18,100
7,669
Add: Depreciation
3,177
2,181
8,228
7,823
Add: Amortization of intangibles from business combinations
5,993
7,381
18,838
22,553
Add: Amortization of software development costs(1)
12,978
12,605
38,203
36,781
Subtotal
36,384
30,122
127,243
120,962
Non-GAAP EBITDA
$ 82,452
$ 77,614
$ 239,808
$ 199,243
Non-GAAP EBITDA margin(2)
28.2 %
27.7 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
$ 22,100
$ 21,657
$ 68,686
$ 71,079
Add: Employee severance
—
(242)
—
1,905
Add: Global workforce transition costs(3)
5,439
—
8,439
—
Add: Acquisition and disposition-related costs(3)
237
383
1,250
25,779
Add: Security Incident-related costs
853
247
853
2,822
Add: Impairment of capitalized software development costs
—
—
1,056
—
Subtotal
28,629
22,045
80,284
101,585
Non-GAAP adjusted EBITDA
$ 111,081
$ 99,659
$ 320,092
$ 300,828
Non-GAAP adjusted EBITDA margin(4)
38.0 %
37.0 %
Rule of 40(5)
42.1 %
40.8 %
Non-GAAP adjusted EBITDA
$ 111,081
$ 99,659
$ 320,092
$ 300,828
Foreign currency impact on Non-GAAP adjusted EBITDA(6)
(76)
(512)
(1,267)
(1,403)
Non-GAAP adjusted EBITDA on constant currency basis(6)
$ 111,005
$ 99,147
$ 318,825
$ 299,425
Non-GAAP adjusted EBITDA margin on constant currency basis
38.0 %
37.0 %
Rule of 40 on constant currency basis(7)
42.0 %
40.4 %
(1)
Includes amortization expense related to software development costs, and amortization expense from capitalized cloud computing
implementation costs.
(2)
Measured by non-GAAP EBITDA divided by non-GAAP organic revenue.
(3)
See additional details in the reconciliation of GAAP to non-GAAP operating income above.
(4)
Measured by non-GAAP adjusted EBITDA divided by non-GAAP organic revenue.
(5)
Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table
above.
(6)
To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA from entities reporting in foreign
currencies were translated to U.S. Dollars using the comparable prior period’s quarterly weighted average foreign currency exchange rates.
The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.
(7)
Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency
basis.
(dollars in thousands)
Nine months ended
September 30,
2026
2025
GAAP net cash provided by operating activities
$ 284,244
$ 207,540
GAAP operating cash flow margin
32.9 %
24.9 %
Non-GAAP adjustments:
Less: purchase of property and equipment
(7,320)
(4,805)
Less: capitalized software development costs
(38,635)
(40,268)
Non-GAAP free cash flow
$ 238,289
$ 162,467
Non-GAAP free cash flow margin
27.6 %
19.5 %
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SOURCE Blackbaud
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Technology
Dental 3D Printing Market worth $10.08 billion by 2031 – Exclusive Report by MarketsandMarkets™
Published
20 minutes agoon
November 2, 2026By
DELRAY BEACH, Fla., Nov. 2, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Dental 3D Printing Market is projected to reach USD 10.08 billion by 2031 from USD 4.35 billion in 2026, at a CAGR of 18.3% during the forecast period.
Browse 250 market data Tables and 60 Figures spread through 300 Pages and in-depth TOC on ‘Dental 3D Printing Market- Global Forecast to 2031’
Dental 3D Printing Market Size & Forecast:
Market Size Available for Years: 2026–20312026 Market Size: USD 4.35 billion2031 Projected Market Size: USD 10.08 billionCAGR (2026–2031): 18.3%
Dental 3D Printing Market Trends & Insights:
North America held the largest share in 2025.By product & service, the materials segment is expected to register the highest CAGR of 21.3% during the forecast period.By technology, the VAT photopolymerization segment accounted for the largest share of 61.5% in 2025.
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The dental 3D printing market is driven by several factors. One key driver is rising oral health awareness, combined with a growing global population, which increases demand for dental services. This creates a favorable environment for innovative solutions like 3D printing. Additionally, advances in 3D printing hardware, software, and materials improve accuracy, speed, and affordability, making the technology more accessible and appealing for dental applications. However, certain challenges could hinder market growth. These include regulatory hurdles, high upfront costs, operational expenses, and a shortage of skilled workers.
By technology, the VAT photopolymerization segment accounted for the largest share of the dental 3D printing market during the forecast period.
The dental 3D printing market is segmented by technology into VAT photopolymerization, fused deposition modeling, selective laser sintering, PolyJet printing, and other technologies. VAT photopolymerization holds the largest share of the dental 3D printing market due to its precision, versatility with various materials, and broad applicability to dental procedures. Technologies such as stereolithography (SLA) and digital light processing (DLP) produce high-resolution prints with a smooth finish, making them particularly suitable for crowns, bridges, surgical guides, occlusal splints, and aligners. Their compatibility with biocompatible resins allows for both temporary and permanent restorations. Dental labs rely on this technology because it can produce many custom pieces at once, saving time and resources. It is also gaining popularity among small clinics and dental support organizations (DSOs), as many new systems are affordable, compact, and user-friendly. Additionally, 3D printing generates less waste than conventional milling or handwork and continues to evolve with advances in resin chemistry and printer technology.
By end user, the dental laboratories segment accounted for the largest share of the dental 3D printing market during the forecast period.
The dental 3D printing market can be divided by end user into three main categories: dental laboratories, dental hospitals & clinics, and dental academic & research institutions. Dental laboratories represent the largest segment of the dental 3D printing industry, driven by the increasing demand for advanced technologies in dental practices, cosmetic treatments, and high-quality products. These labs manufacture a variety of dental products—such as prosthetics, crowns, dentures, veneers, and night guards—using 3D printing because it offers greater accuracy, speed, and affordability. Larger laboratory chains are adopting this technology because of their purchasing power, and outsourcing fabrication to these labs is increasingly common, further increasing demand. Digitizing processes through 3D printing leads to significant time and cost savings, as well as greater precision in producing dental items.
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North America dominates the dental 3D printing market.
The global dental 3D printing market is divided into six main regions: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the GCC countries.
North America leads the dental 3D printing market because of its well-developed healthcare system, rapid adoption of advanced dental technologies, and strong demand for cosmetic and restorative treatments. The region’s dominance in innovation and market share can be attributed to the fact that many companies in the dental 3D printing sector are based there. Additionally, high disposable incomes and a high standard of living in countries like the US and Canada further drive the demand for quality dental treatments. The ongoing digitalization of dental procedures also helps maintain North America’s position as a market leader.
Key Players
Leading players in the Dental 3D Printing companies include Stratasys (US and Israel), 3D Systems, Inc. (US), and Align Technology, Inc. (US).
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Investment Funding Context
Investment activity in the dental 3D printing ecosystem remains strong and is primarily concentrated on practice acquisitions, geographic expansion, technology adoption, and platform consolidation. Disclosed transactions in the dental 3D printing market indicate a focus on proprietary printing technologies, advanced dental materials, geographic expansion, and integrating digital manufacturing capabilities. Venture funding has supported the expansion of specialized providers.
In October 2022, SprintRay secured more than USD 100 million in Series D funding led by SoftBank Vision Fund 2, with the proceeds intended to support expansion across Europe and the United States. Strategic acquisitions have also enabled companies to strengthen their technology portfolios. In January 2024, Align Technology completed its acquisition of Cubicure, reporting total purchase consideration of approximately USD 85.8 million, including the fair value of its pre-existing ownership interest. The acquisition was intended to expand Align’s capabilities in direct 3D printing, materials development, and manufacturing of customized orthodontic appliances. In September 2025, SprintRay acquired the EnvisionTEC/ETEC dental product portfolio, including patents, trademarks, inventory, and intellectual property relating to dental materials and printing technologies, strengthening its capabilities across laboratory and chairside applications. The announcement did not disclose the transaction value. In October 2025, LuxCreo also announced a strategic investment from Angelalign Technology to support joint development of next-generation 3D printing materials for clear aligners. The investment, whose value was not disclosed in the announcement, was directed toward material research and development, platform improvements, and expansion of the digital dentistry ecosystem, demonstrating strategic interest in direct printing technologies for orthodontic applications.
Revenue Shift Context
Revenue opportunities in the dental 3D printing market are broadening across equipment sales, recurring material purchases, and digital design and production services. Manufacturer disclosures indicate that printer installations can generate subsequent demand for consumables and support services as production volumes increase. Dental applications are also expanding beyond models used in conventional fabrication workflows toward directly printed restorations and appliances. For example, Stratasys launched its TrueDent-D resin in Europe in January 2025, extending its monolithic digital denture offering to additional markets and creating opportunities for printer deployment and repeat resin sales. The commercial contribution of newer applications is evident in 3D Systems’ fourth-quarter 2025 results, which reported strong double-digit sequential growth in its dental business, supported by a recovery in the aligner market and the launch of its denture manufacturing technology.
Digital services provide additional revenue channels alongside hardware and materials. SprintRay offers paid Cloud Design services and design subscriptions, while its Design Suite combines automated design, professional design assistance, and outsourced print-and-ship services. These offerings enable suppliers to participate in multiple stages of the dental production workflow and generate revenue through ongoing customer activity. These developments suggest that competitive differentiation increasingly depends on application breadth, material compatibility, workflow integration, and printer utilization, with revenue opportunities extending throughout the operating life of installed systems.
Mergers & Acquisitions
M&A activity in the dental 3D printing market is focused on strengthening printing capabilities, expanding material portfolios, and integrating digital production workflows. Selected transactions show acquisitions of complementary technologies to support dental laboratories and chairside applications. In September 2025, SprintRay acquired the EnvisionTEC/ETEC dental product portfolio, adding printing technologies, dental materials, and associated intellectual property to its offering. During the same month, Pac-Dent acquired Ackuretta Technologies, combining its Rodin dental printing resins with Ackuretta’s printers, post-processing equipment, and ALPHA AI CAM software. The transaction supports Pac-Dent’s development of an interoperable digital dentistry platform and expansion of customer support capabilities. Align Technology’s January 2024 acquisition of Cubicure strengthened its capabilities in polymer materials, direct 3D printing, and manufacturing customized orthodontic appliances. These transactions indicate consolidation is aimed at combining hardware, materials, and software expertise, broadening application coverage, and supporting scalable production of patient-specific dental products.
DENTAL 3D PRINTING MARKET: MERGERS & ACQUISITIONS, JANUARY 2023–SEPTEMBER 2026
Month & Year
Deal Type
Company 1
Company 2
Description
September 2025
Acquisition
SprintRay (US)
EnvisionTEC/ETEC dental product portfolio (US)
SprintRay acquired the EnvisionTEC/ETEC dental product portfolio, formerly part of Desktop Health, including patents, trademarks, inventory, and intellectual property relating to dental materials and 3D printing technologies. The acquisition strengthened its offerings across dental laboratory and chairside applications and included plans to continue resin supply and customer support.
September 2025
Acquisition
Pac-Dent (US
Ackuretta Technologies (Taiwan)
Pac-Dent acquired Ackuretta Technologies, combining its Rodin dental 3D printing resins and restorative materials with Ackuretta’s printing hardware, post-processing systems, and ALPHA AI CAM software. The acquisition supports integrated, open-system workflows for dental laboratories and clinics, alongside expanded training, service, and technical support.
January 2024
Acquisition
Align Technology (US)
Cubicure (Austria)
Align Technology completed its acquisition of Cubicure on January 2, 2024. Cubicure’s polymer printing technologies, materials expertise, and manufacturing capabilities were acquired to strengthen the Align Digital Platform and support the development and scaling of directly printed orthodontic devices.
Company Revenue Share Details
The dental 3D printing market is highly fragmented, with established manufacturers and specialized technology providers competing across dental 3D printers, photopolymer resins, printing software, post-processing systems, and integrated digital dentistry workflows. Key participants include Stratasys, 3D Systems, SprintRay, Formlabs, DWS S.r.l., Prodways Group, and Carbon.
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Technology
Tree Hut Unwraps Seven Festive Scents In Its New Limited-Edition Holiday Collection
Published
20 minutes agoon
November 2, 2026By
From Candy Cane to Frosted Plum, America’s No. 1 Body Scrub Brand Brings the Aromas of the Holidays to Self-Care
America’s No. 1 Body Scrub brand, Tree Hut, is introducing its limited-edition holiday collection in seven new seasonal scents that evoke the coziness of winter. The assortment ranges from sweet fragrances like Candy Cane and Cranberry Fluff to warm notes of Honeycrisp Spice, along with the return of vault favorite Marshmallow Lodge.The collection features a range of fan-favorite product forms, like the Shea Sugar Scrub, Foaming Gel Wash and more, bringing each fragrance to life through rich, sensorial textures and skin-loving formulas.Rounding out the line, seven gift sets make shopping this holiday season easy, with options for stocking stuffers or gifting. The collection is available nationally now at retailers like Target, Walmart, and Ulta Beauty, and online on Amazon.
COPPELL, Texas, Nov. 2, 2026 /PRNewswire/ — Cozy is calling! It’s officially sweater weather, and Tree Hut is making wintertime a little toastier. America’s No. 1 Body Scrub brand, Tree Hut, launches its holiday collection, filled with festive cheer and cabin-inspired charm to add to any routine. Featuring warm, nostalgic scents that range from sweet and creamy to bright and spiced, the collection makes every shower feel like a sensory escape. Consumers can fall in love with these limited-edition holiday favorites now at retailers like Target, Walmart, and Ulta Beauty, as well as online on Amazon.
As the season settles in, Tree Hut is serving up body care made for gifting, getting ready and warming up from the cold, wrapped in packaging inspired by Nordic folk art and the homey feeling of the holidays. From Shea Sugar Scrubs that exfoliate the skin to moisturizing Whipped Body Butters and gift-worthy sets, this assortment features rich aromas that embrace the season. Candy Cane, Angel Cake, Cranberry Fluff, Honeycrisp Spice, Frosted Plum, Lavender Ice and the return of vault scent, Marshmallow Lodge, transport consumers to a winter wonderland with every use. Crafted with Tree Hut’s skin-loving formulas featuring Shea Butter, real Sugar and nourishing oils, each offering brings a touch of indulgence to holiday self-care.
“Holiday body care should be just as fun to use as it is to give,” said Lindsey Scales, Vice President of Marketing at Tree Hut. “We wanted to create an assortment with scent notes that capture the essence of the holidays. The collection feels giftable, collectible and joyful, with irresistible textures and craveable fragrances that make consumers want to reach for it every day. It is a fresh take on the category that adds seasonal excitement to the shower.”
Tree Hut is bringing the spirit of the holidays to brand fans and winter lovers in a variety of new scents, including:
Candy Cane:Indulge in the sweet aroma of minty iced peppermint, cotton candy & vanilla beanAvailable in: Foaming Gel Wash (Tumbler), Foaming Gel Wash (Pump), Shea Sugar Scrub, Daily Moisturizing Scrub, Moisturizing Shave Oil, Whipped Body Butter, Hydraglow Body Lotion, Lip Butter and Mini Shea Sugar ScrubAngel Cake (Exclusively at Target):Soft notes of vanilla, cashmere and tonka bean make a sweet, whipped treat for an everything showerAvailable in: Foaming Gel Wash, Shea Sugar Scrub, Whipped Body Butter, Lip Butter and select minis; Foaming Gel Wash, Shea Sugar Scrub and Whipped Body ButterCranberry Fluff:A berry-sweet treat, made with cranberry, marshmallow and toasted sugarAvailable in: Foaming Gel Wash, Shea Sugar Scrub and Mini Shea Sugar ScrubHoneycrisp Spice (Exclusively at Walmart):A spiced, festive treat for your routine, made with apple, clove and cardamomAvailable in: Foaming Gel Wash and Shea Sugar ScrubFrosted Plum (Exclusively at Ulta):A rich mix of bright plum, juicy clementine and soft velvet muskAvailable in: Foaming Gel Wash and Shea Sugar ScrubLavender Ice (Exclusively at Target):A calm, magical winter reset, made with lavender, vanilla and coconut milkAvailable in Shea Sugar ScrubMarshmallow Lodge (Exclusively at Ulta):Bringing back a beloved vault scent with a comforting blend of bright bergamot, soft rice milk and sweet vanillaAvailable in Shea Sugar Scrub
To take the guesswork out of shopping, the brand’s offerings include sets that are ideal for treating family or friends. The assortment features: Candy Cane Lane Gift Set, Mini Fan Favorites Gift Set, Angel Cake Gift Set (Target Exclusive), Holly Jolly Bear Bath Regimen Trio (Target Exclusive), 6 Days of Holidays Gift Set (Target Exclusive), Very Vanilla Gift Set (Ulta Exclusive) and Frosted Fairytale Gift Set (Ulta Exclusive). From playful treats to sweet holiday favorites, there is something to make every holiday wish list a little merrier.
For more information on Tree Hut, please visit treehutshea.com and follow the brand on Instagram and TikTok.
About Tree Hut
Tree Hut believes that everyone deserves to take time in their day to feel good. The family-owned brand still manufactures out of Coppell, TX, and has spent over twenty years making high-quality skin and body care at an affordable price. The now global Tree Hut brand has grown to include body and shave collections, known for delicious scents, bright packaging, and premium ingredients. With an uplifting, inclusive approach to self-care, Tree Hut has built its brand largely via word of mouth, with customers and beauty influencers alike passionately sharing their favorite products and avidly anticipating seasonal launches.
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SOURCE Tree Hut
Technology
Ruder Finn Promotes Tejas Totade to Global Chief Technology Officer and Chief Data & AI Officer
Published
20 minutes agoon
November 2, 2026By
NEW YORK, Nov. 2, 2026 /PRNewswire/ — Ruder Finn, one of the world’s leading independent communications and integrated marketing agencies, today announced the promotion of Tejas Totade to Global Chief Technology Officer and Chief Data & AI Officer, establishing a global leadership role that brings the agency’s technology, data and artificial intelligence capabilities under a shared strategic vision. Tejas has built a strong digital, analytics and engineering team with several dozen specialists in hubs across India, the Philippines, and New York.
The move reflects the growing connection of these disciplines across both Ruder Finn’s business and client work. In his expanded role, Totade will widen access to tools and training in every region and build the architecture that supports the agency’s AI capabilities end to end. The global mandate formalizes work he has led across markets over the past year, including AI strategy and adoption programs in India and the U.K.
“The greatest opportunity comes when we work together choosing the right technology, grounding it in data, and applying AI to solve a real business problem,” said Totade. “This role gives us an opportunity to create that shared vision globally and help our teams and clients translate the enormous potential of AI into measurable value.”
“Ruder Finn has always believed that technology should expand what communicators are able to accomplish, and Tejas has been central to building that capability within our agency,” said Kathy Bloomgarden, CEO of Ruder Finn. “As technology, data and AI become increasingly interconnected, we’re committed to bringing the most cutting edge AI capabilities to clients, under the leadership of Tejas.”
Ruder Finn has also appointed Nick Driver as Managing Director, Research and Analytics, reporting to Totade. With 20 years of experience applying insight and analytics to complex challenges, Driver will lead research and analytics in the U.S, working across practices and client teams to advance audience intelligence, AI-driven insights, and measurement. He will also help strengthen the connection between strategy and technology, with a focus on developing more rigorous, practice-specific approaches and demonstrating the business impact of communications.
“What drew me to Ruder Finn is the clarity of the agency’s tech-forward vision and the genuine commitment to making it real,” said Driver. “The technology, the talent and the ambition are already here. I’m excited to help make research and analytics an even more central part of how we understand audiences, guide strategy and demonstrate impact for clients.”
Together, these appointments further build out the leadership and expertise supporting Ruder Finn’s integrated approach to technology, data and AI.
Totade has spent more than 16 years at Ruder Finn building the agency’s technology, data and AI capabilities. He joined the company as a senior developer and went on to establish rf.TechLab, Ruder Finn’s emerging technology incubator, in 2018. Today, he leads an international team spanning engineering, analytics and digital development, co-leads the agency’s AI-powered creative studio rf.Studio53, and oversees research and insights capabilities that combine proprietary methodologies with enterprise analytics tools. He has received significant industry recognition, including PRWeek’s “40 Under 40”, PRovoke Media’s Data Professional of the Year award and being named one of the PRNews People of the Year in the Agency Innovators.
About Ruder Finn
Ruder Finn is one of the world’s largest independent global communications and integrated marketing agencies, leading the industry in AI strategy and implementation. Founded in 1948, Ruder Finn has defined and redefined PR for over 75 years, shaping communications that move industry-defining brands, companies, and leaders from what’s now to what’s next. Ruder Finn provides clients with bold strategies based on a global perspective and localized market knowledge that redefine leadership, reimagine the marketplace, and rethink customer experiences. The agency is organized around five core areas of expertise—Healthcare, Technology, Consumer Brand, Leadership and Workplace—with innovative tech incubator RF TechLab providing cutting-edge predictive analytics, AI-powered creative hub RF Studio53 offering breakthrough creative, and specialized teams delivering customer-focused digital engagement. Ruder Finn has offices across four continents including the U.S., Asia, Europe and the Middle East. Wholly owned agencies and offerings within Ruder Finn Group include: Ruder Finn Inc., RF Studio53, RF Engage, Touchdown, Peppercomm, RF Comunicad, Mantis, jacobstahl, Flightpath, Ruder Finn Atteline, Pandan Social, RF Bloom, and Big Sky Communications. For more information visit www.ruderfinn.com.
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SOURCE Ruder Finn
Dental 3D Printing Market worth $10.08 billion by 2031 – Exclusive Report by MarketsandMarkets™
Tree Hut Unwraps Seven Festive Scents In Its New Limited-Edition Holiday Collection
Ruder Finn Promotes Tejas Totade to Global Chief Technology Officer and Chief Data & AI Officer
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